The Libra Association has picked James Emmett to be the Managing Director of Libra Networks LLC, overseeing the development and operation of the Libra payment system. He formerly worked at HSBC.
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Facebook now appears to be altering course with its Libra cryptocurrency. Reports suggest that it will act as a digital version of existing currencies such as the dollar and the euro.
Vodafone has announced its withdrawal from the Libra Association, the body responsible for Facebook's Libra cryptocurrency. The association said that the project will be resilient despite its backers.
The head of the Libra project at Facebook has announced that the cryptocurrency could be made up of national stablecoins instead of being a synthetic currency as it tackles regulatory issues.
The G7 has drafted a new report that will be presented to finance ministers this week during a meeting. It looks at the dangers of stablecoins, like Libra, and highlights what needs to be addressed.
The Libra Association has lost its backing from Mastercard, Visa, eBay, and Stripe. Facebook said it was a short term blow, but in a way, liberating. The firms could return once regulation is sorted.
PayPal has announced that it has withdrawn itself from the Libra Association, the governing body of the Libra cryptocurrency started by Facebook. The news follows speculation that the firm had doubts.
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